New National Health Insurance Law
LTC Update - The CLASS Program
Q. What is the CLASS Program?
A. The CLASS Program is a voluntary, self-funded insurance program designed to provide a lifetime cash benefit that offers people with disabilities some protection against the costs of paying for long term services.
Q: Who can participate in the CLASS program?
A: Working individuals are eligible for the program. When an individual's employer is participating in the program, premiums are paid through payroll deductions. Self-employed, or those whose employers do not choose to participate will still be able to join the CLASS program through a government payment mechanism.
Q: When is a participant eligible for CLASS benefits?
A: Once an individual has paid premiums for five years and has worked for at least three of the five years, they are eligible to receive benefits when they need help with certain activities of daily living. Benificiaries will receive a lifetime cash benefit based on the degree of impairment. The cash benefit is expected to average $75/day or more than $27,000 per year to maintain independence at home or in the community and cover typical costs of home care services or adult day care. The benefits can also be used towards payment of assisted living and nursing home care costs.
More info to come as details are released!